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Notes to Financial Statements 51 Four-Year Financial Summary 124 CORPORATE INFORMATION

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Notes to Financial Statements 51 Four-Year Financial Summary 124 CORPORATE INFORMATION CONTENTS Corporate Information 2 Chairman’s Statement 3 Management Discussion and Analysis 6 Corporate Governance Report 14 Directors and Senior Management 25 Report of the Directors 31 Independent Auditor’s Report 41 Consolidated Statement of Profit or Loss and Other Comprehensive Income 45 Consolidated Statement of Financial Position 46 Consolidated Statement of Changes in Equity 48 Consolidated Statement of Cash Flows 49 Notes to Financial Statements 51 Four-Year Financial Summary 124 CORPORATE INFORMATION BOARD OF DIRECTORS HEAD OFFICE AND PRINCIPAL PLACE OF Executive Directors BUSINESS IN HONG KONG Mr. Zhao Kexi (Chief Executive Officer) Units 6705-07 Mr. Zhang Hailin 67th Floor, Central Plaza Mr. Huang Zhiwan 18 Harbour Road, Wanchai Hong Kong Non-Executive Directors Mr. Zhou Min (Chairman) PRINCIPAL PLACE OF BUSINESS Mr. Li Li IN THE PRC Mr. Li Haifeng 5th to 8th Floor Block 101 Independent Non-Executive Directors Baiziwan East Lane Mr. Orr Ka Yeung, Kevin Chaoyang District Mr. Wu Tak Kong Beijing Dr. Du Huanzheng PRC AUDIT COMMITTEE PRINCIPAL SHARE REGISTRAR Mr. Wu Tak Kong (Chairman) Conyers Trust Company (Cayman) Limited Mr. Orr Ka Yeung, Kevin Cricket Square Dr. Du Huanzheng Hutchins Drive P.O. Box 2681 NOMINATION COMMITTEE Grand Cayman KY1-1111 Mr. Zhou Min (Chairman) Cayman Islands Mr. Orr Ka Yeung, Kevin Mr. Wu Tak Kong HONG KONG BRANCH SHARE REGISTRAR AND TRANSFER OFFICE REMUNERATION COMMITTEE Tricor Investor Services Limited Dr. Du Huanzheng (Chairman) Level 54, Hopewell Centre Mr. Zhao Kexi 183 Queen’s Road East Mr. Wu Tak Kong Hong Kong COMPANY SECRETARY AUDITOR Mr. Fung Che Wai, Anthony Ernst & Young STOCK CODE COMPLIANCE ADVISER 3718 Somerley Capital Limited WEBSITE PRINCIPAL BANKERS www.beur.net.cn In Hong Kong: DBS Bank (Hong Kong) Limited INVESTOR RELATIONS CONTACT CMB Wing Lung Bank Email Address: [email protected] In Mainland China: REGISTERED OFFICE Bank of Beijing Cricket Square Hua Xia Bank Hutchins Drive Bank of Jiangsu P.O. Box 2681 Grand Cayman KY1-1111 Cayman Islands 2 Beijing Enterprises Urban Resources Group Limited 2019 Annual Report CHAIRMAN’S STATEMENT Dear Shareholders: On behalf of the board (the “Board”) of directors (the “Directors”) of Beijing Enterprises Urban Resources Group Limited (the “Company”), I am pleased to present the annual report of the Company and its subsidiaries (collectively referred to as the“Group”) for the year ended 31 December 2019. The 2019 annual report is the first annual report of the Company after its listing. The Group is principally engaged in environmental hygiene services and hazardous waste treatment services. Since its establishment, all the employees of the Group have worked strenuously and forged ahead wholeheartedly that led to the listing of the Group on the Main Board of The Stock Exchange of Hong Kong Limited on 15 January 2020. The listing has inaugurated a new development milestone of the Group, which is beneficial for fostering its further business expansion while elevating the governance standard to a new height. The Group will grab this opportunity to promote the high-quality development of the Group with unremitting efforts. BUSINESS REVIEW 2019 was a year of rapid development for environmental protection industry in China. The State Council promulgated the “Opinion on Comprehensively Strengthening Ecological Environmental Protection and Resolutely Winning the War on Pollution”. The range of ecological environmental protection policy was unprecedentedly strengthened and the central and monitor on environment was further tightened, thereby the development policy of environmental protection industry became further optimised and ushering into a new era of ecological civilization construction and environmental protection, opening up unprecedented opportunities and providing a boundless blue ocean market to the environmental protection enterprises. 2019 was the year for the Group to enhance its standard and promote efficient development. During the year, we fully utilized our own advantages to promote the strength of market expansion and expedite the development of our business chains. Moreover, we optimised the internal management and control system and enhanced the standard of refined management, thereby greatly increasing the operation capacity and efficiency level. In the aspect of environmental hygiene business, we emphasized on increasing our effort on promoting urban environmental hygiene projects at large-scale and medium to large-sized cities in a bid to drive the deployment of our industrial layout across the country. As at 31 December 2019, we had a total of 97 environmental hygiene projects with a total contracted area of approximately 150,336,000 sq.m.. Meanwhile, adhering to the digitalized development concept of “creation of a smart future”, we progressively implemented smart operation to construct a data management and control platform to enhance operational, management and control capacities. In terms of hazardous waste treatment business, we focused on strengthening the technological upgrade and transformation of existing projects and optimize construction cycle of projects under construction and projects planned. As at 31 December 2019, there were a total of 6 projects in operation, 2 projects in trial operation and 5 projects under construction. The Group’s projects that engaged in hazard-free waste disposal had a total designed treatment capacity of 370,396 tons per annum. The projects engaged in recycling and reuse had a total designed treatment capacity of 250,000 tons per annum. Meanwhile, we gave priority to technology development and strengthened the effort in technological breakthrough, set up the technology management standard system (TMSS) and optimized technology management process in a bid to enhance operational efficiency. Moreover, we accelerated the progress of establishing the ERP system and progressively promoted effective integrated management of data, thereby providing support for scientific decision- making. 2019 Annual Report Beijing Enterprises Urban Resources Group Limited 3 CHAIRMAN’S STATEMENT During the year ended 31 December 2019, the major result of the Group are as following: • The Group recorded a revenue of HK$2,711.2 million, representing an increase of 45.6% as compared with that of HK$1,862.6 million in last year. • Profit for the year from continuing operations attributable to shareholders of the Company increased by 75.8% to HK$269.6 million for the year ended 31 December 2019 as compared to HK$153.4 million for last year. • Profit for the year from continuing operations attributable to shareholders of the Company, which excluded listing expenses, increased by 79.2% to HK$292.4 million for the year ended 31 December 2019 as compared to HK$163.2 million for last year. • Basic and diluted earnings per share for profit from continuing operations for the year ended 31 December 2019 were HK9.99 cents. • Net cash flows from operating activities for the year ended 31 December 2019 were HK$635.5 million. PROSPECT In 2020, we will be faced with both opportunities and challenges. Nevertheless, we foresee that there will be more opportunities than challenges ahead. From a global perspective, the current spread of novel coronavirus across the globe may escalate the downward pressure on the global economy. As an important part of the world economy, China is exposed to both crises and risks. From the perspective of industry development, building a beautiful China has become the dedicated and challenging target of the Chinese people. The promulgation of “Green Hills and Clear Waters are Gold and Silver Mountains” has become a consensus of the general Chinese population. The need to strengthen ecological and environmental protection becomes deeply rooted in the hearts of the Chinese citizens. The era of mandatory classification of garbage is approaching. Although the novel coronavirus epidemic is a disaster to mankind, it will drive the country to pay more attention to ecological and environmental protection, putting more emphasis on preparing to fight a battle against pollution so that it can continuously foster the quality of the ecological environment improvement and accelerate the effort to make up the deficiency in collection and treatment facilities for medical waste and hazardous waste. As it can be foreseen, the future of environmental protection industry is still in a stage of major development opportunities. Therefore, the Group should seize every policy opportunity and continue to enhance its own capabilities by optimizing its investment, construction, operation, and technological management system while leveraging the industry trends and exploiting its advantages to overcome various shortcomings in a bid to strive to maintain a winning position in the fierce market competition. In 2020, the Group will strive to excel in the following focus areas: Enhancement of the regulated governance standard. We aim for regulated operation at high efficiency by attaching great importance to ESG management, optimizing the Company’s governance system, focusing on mitigation of all types of risks and fulfilling responsibilities regarding safety and environmental protection as well as social responsibilities in order to improve the quality of the Group’s regulated operation. Speeding up industry deployment across China. We strive to seize the market while ensuring that premium projects are obtained to expand our scale and lay the foundation for future developments. Through accelerating in the deployment in
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